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By Kanchi Gandhi, CNBC-TV18
PTC, Bharat Electricals and VSNL are the misses for this season, reports CNBC-TV18. PTC’s volumes were down 7% YoY and topline and bottomline seem to have halved from last quarter’s numbers. Bharat Electricals is down 23% on both, net sales and profit. VSNL, meanwhile, is likely to suffer in terms of price and market share due to competition.
PTC
If one looks at the topline growth, there’s been a de-growth of 9% in net sales and around 28% on the net profit. So not good numbers for this quarter on a YoY basis. Even sequentially, both the topline and bottomline seem to have halved from last quarter’s numbers. The margins are also not looking good, they are clocking around 0.2% margins.
The main reason for this was volumes which are down 7% YoY. Q3 generally tends to be a slow quarter for the company because of less tradable surpluses for this quarter. The margins have also been hit because of volumes from Bhutan, the realizations have also gone down and they have clocked in just 2 paise per unit versus 4 paise, which is the average reliazation. So not a very good set of numbers.
Bharat Electricals
It’s down 23% YoY on the net sales, again on the net profit, 23% down. Historically, if one looks at their 9-month numbers upto December, it clocks around 50-60% on its revenues in the first nine months. However, this year they have managed to do just about 40%.
On March 2007, in terms of order book, they had a backlog of Rs 90 billion, but they have managed to overcome that. They will close the year with around Rs 37 billion.
VSNL
The net profit, though it was up, it was below most analysts expectations mainly because it included an extra-ordinary item of Rs 103 cr which was put in this quarter because of price renegotiations which happened from April to September last year. Without that the numbers seem to be in line.
The segment, which has been under pressure is the wholesale voice data segment where the margins are down and it’s making losses on EBIT level. The enterprise and carrier division has done good numbers this quarter, the margins are looking up and the revenue growth is also up. But because of competition, VSNL is likely to suffer both in terms of prices and market share.
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